Buoyed by overcoming its technical and financial challenges, Waverley, the last seagoing paddle steamer in the world, is still braving many unchartered waters

If money was no object, explains Paul Semple with a laugh, Waverley would be safely ensconced in a covered shed each winter, with workshop facilities and a paddle steamer-worth of spare parts on the shelf. The General Manager of the last seagoing paddle steamer in the world is joking, of course, because money is entirely the object on this beloved, important, historic ship.
It costs several million pounds every year to keep Waverley afloat. The winter refit and dry dock work alone, which takes place after the end of the sailing season, costs around £750,000. In 2023, more than £700,000 was spent on fuel.

“Our main source of revenue is ticket sales, with catering and shop sales on board providing extra income,” explains Paul. “The real limitation with a pleasure steamer business is you can only operate for five or six months a year, yet you have fixed costs over the 12 months. 
“Even when the ship is tied up in winter, there are bills coming in, wages to pay, insurance premiums to meet. So we need to make sure we bring in sufficient funds from the sailing season to cover operations in summer and maintenance in winter. The business model is essentially very vulnerable, with weather being the single biggest factor to take into account. It can be the difference between whether the ship loses money or earns enough to last for another year.”

He adds: “If the sun were to shine every day from May to October maybe more pleasure steamers would have survived, and Waverley wouldn’t be the last.”
Waverley launched into the River Kelvin where it meets the Clyde, on the site where the Riverside Museum stands today, in October 1946, amid little pomp and ceremony. Her maiden voyage took place eight months later. This newspaper reported the day after, on June 17, 1947, that “the new Waverley, a two-funnelled paddle steamer of modern streamline design, replaces the popular old Waverley which was bombed and sunk by enemy aircraft during the evacuation from Dunkirk”.
Paddle steamers once ruled the waves around Britain’s coastline, transporting passengers to holiday destinations.

In her first year Waverley operated the route she was primarily intended for – up Loch Long and Loch Goil to the villages of Lochgoilhead and Arrochar. Now she visits towns and villages the length and breadth of Britain, from the Western Isles to the South Coast of England. In 2023 Waverley sailed around 15 islands, called at more than 60 ports and piers, and visited all four countries of the UK. As foreign travel grew in popularity, passenger numbers on the Clyde ships declined rapidly and by 1973, Waverley was the last sea-going paddle steamer in the world.
Her future was uncertain, until then owners Caledonian MacBrayne announced it had offered the ship to the Paddle Steamer Preservation Society (PSPS), for just £1.

The sale went ahead and Waverley was officially handed over to Waverley Steam Navigation Co Ltd, a company formed by the Paddle Steamer Preservation Society, at the James Watt Dock in Greenock on August 8, 1974. It was the start of a new career for the ship, which has become one of Scotland’s best-loved tourist attractions. 

The Herald:

A £7 million heritage rebuild took place in two phases in 2000 and 2003, during which she received two new boilers, refurbished passenger lounges and crew accommodation, plus improvements to meet modern safety standards – and a return to her original 1947 livery.
For most of her preservation career she has not earned sufficient funds through operating alone and has needed extra support through donations, legacies, grants and suppliers giving reductions or materials and services at cost. Last year, however, was particularly special, explains Paul.
“From the start of the season, we saw record passenger numbers – more than 500 boarding at Kyle of Lochalsh, for example; 650 for a cruise round Staffa; and nearly 1000 in a single day joining in Oban,” he adds. “Overall, we saw a 55 per cent increase in passengers carried – 157,000 compared to 101,000 in 2022. All the right ingredients just came together at exactly the right time."

The timetable and sailings were attractive, the marketing excelled, the weather was kind and the ship and crew performed without fault. “It was a special year because she did cover her operating costs and earn sufficient funds to meet the winter refit costs.  However, we know Waverley’s fortunes could change overnight.” In 2019, for example, the entire season was cancelled because Waverley needed new boilers. “We had to run a public appeal and thankfully, it was highly successful,” adds Paul. “We raised £2.3m in six months.” 

One of the main challenges for Waverley is the annual winter maintenance work. 
The ship often needs new parts, but for a ship of her age and style, that is a big ask.
“We can’t simply order them from a supplier,” explains Paul. “Often, we must go back to drawings then source a company who can make a part of a component from scratch.
“If Waverley needs a new part, she simply must have it. So in some respects, we as operators have no control over many of the outgoings. It can feel like the lady herself is in charge,” he says, with a laugh. “She will decide how much needs spent on her.”

The Herald:

Waverley Steam Navigation Co is operated on a not-for-profit basis.
“The ship is our only physical asset,” says Paul. “She must be worked as hard as possible for as long as possible to generate as much income as possible to put it all back in, so she can do it all again. 
“History shows ships like Waverley didn’t really pay their way, even in their heyday and, in fact, were subsidised by larger parent companies, public funding or the railways. 
“Waverley doesn’t have a parent company or large backer. She has many individuals who appreciate what she is, what she offers and what she represents.”

One of Waverley’s biggest supporters is the Paddle Steamer Preservation Society, a registered charity that has been “exceptionally kind” to Waverley, points out Paul.
“The Society has now supported Waverley to the tune of more than £4m during her preservation career, making it the single biggest funder beyond the Heritage Lottery Fund who gave two grants totalling more than £5.5m in 2000 and 2003 in support of the heritage rebuild,” he explains.
The ship is run by a relatively small crew with just 25 on board, backed by a dedicated office team and around 50 volunteers. Three of the crew – the Master, or Captain, the Chief Officer and the Chief Engineer – are employed all year round, says Paul. 

“This allows us to plan and manage all aspects of Waverley’s operation inhouse. We do not outsource any aspect of the operation of the ship or company.”
Waverley will celebrate her 80th birthday in 2027 and Paul is “acutely aware” of the challenges that lie ahead. “We know she will continue to need investment and costs are going to increase as new regulations have to be met,” he says. “We need to maximise the income the ship can earn from sailing by running the best possible programme to appeal to the general public.”
He adds: “She may have had her most successful season yet last year, but we can never become complacent.” 

waverleyexcursions.co.uk